Brookeville, Maryland Property Taxes
The median property tax rate in Brookeville, MD is 0.80%, which is lower than both the national median of 0.99% and Maryland's state median of 1.06%. With a median home value in Brookeville of $774,350, the typical annual property tax bill reaches $5,656, significantly higher than the national median of $2,690. Property taxes in Brookeville are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Brookeville's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Brookeville or another part of Howard County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Brookeville, Maryland Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.8%
Estimate Property Tax Bill
$6,195
$5,749
Ownwell’s Brookeville Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Brookeville with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Brookeville to estimate your property tax bill. This insightful tool helps you understand potential tax liabilities. If you’re interested in seeing trends on a neighborhood level, scroll down to find more localized information. Your property’s assessed value is the value assigned by the county for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Brookeville, Maryland
Property taxes in Brookeville, Maryland, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Brookeville is 0.80%, which is lower than the U.S. national median of 0.99%. Local government entities within Brookeville set these rates annually, and they can vary significantly across different neighborhoods. Each year, Brookeville estimates its required budget to maintain services for the upcoming fiscal year, then divides this budget by the total value of all taxable property within the jurisdiction to calculate the property tax rate. While tax rates and budgets are influenced by laws and voter input, this calculation forms the basis of setting property tax rates. The data below compares Brookeville's effective property tax rate to other areas in Maryland and the national median. For comparison, the zip code 20833 has both the highest and lowest median property tax rate of 0.80%. Understanding how these areas compare with Brookeville provides valuable insights into the varying tax landscape across Howard County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Brookeville Tax Rate
0.80%
Average Howard County Tax Rate
1.04%
Average Maryland Tax Rate
1.06%
Average United States Tax Rate
0.99%
Property Tax Rates Across Brookeville, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 20833 | 0.74% | 0.79% | 0.80% | 0.87% | 0.93% |
Source: Ownwell
Property Tax Assessment Values Across Brookeville, Maryland
In Brookeville, Maryland, understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes. The market value is the price a willing buyer would pay a willing seller in an open and competitive market, influenced by factors like location, property condition, and economic trends. This value is estimated by the Howard County Appraisal District for tax purposes. In contrast, the assessed value is the market value minus any applicable exemptions or limits based on local laws and available programs. The assessed value is then used to calculate your property taxes by multiplying it by the combined tax rates of all relevant taxing entities. In Brookeville, assessment notices are typically mailed out in the spring, usually by mid-April. These notices provide homeowners with both the market and assessed values, along with an estimate of the annual property tax bill. By understanding the distinction between these valuation concepts, property owners can better navigate their tax responsibilities and comprehend how their property taxes are determined. Being aware of these valuation processes in Brookeville helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Brookeville are both $5,656, found in the 20833 zip code.
Average Brookeville Assessed Value
$774,350
Average Howard County Assessed Value
$465,650
Average Maryland Assessed Value
$317,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Brookeville, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 20833 | $533,330 | $600,600 | $774,350 | $898,925 | $988,140 |
Source: Ownwell
Property Tax Bills Across Brookeville, Maryland
In Brookeville, Howard County, MD, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. This assessed value is then multiplied by the local property tax rate to determine the annual tax bill. For instance, with a median home price of $774,350, homeowners can expect varying tax bills. The tax bill at the 25th percentile is $4,769, while at the 75th percentile, it rises to $7,088. The tax bill at the 90th percentile is $7,412, reflecting the higher end of the spectrum. Several factors influence these tax bills, including changes in the assessed property value, local tax rates, and any applicable exemptions or deductions. Homeowners in Brookeville face property tax rates that can significantly impact their annual expenses, especially when compared to the national median property tax rate of 0.99%. Understanding these factors is crucial for homeowners as they budget for their annual property-related expenses.
Average Brookeville Tax Bill
$5,656
Average Howard County Tax Bill
$4,834
Average Maryland Tax Bill
$3,419
Average United States Tax Bill
$2,690
Property Tax Bills Across Brookeville, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 20833 | $3,596 | $4,769 | $5,656 | $7,088 | $7,412 |
Source: Ownwell